金融发展评论

在金融市场稳定日益受到关注的背景下，如何有效防范与化解股价崩盘风险成为学术界与监管机构共同面对的重要议题。股价崩盘风险不仅损害投资者权益，也可能引发金融市场危机，因此探寻股价崩盘风险的影响因素与抑制路径具有突出的现实意义。供应链金融作为服务实体经济的重要创新模式，其能否对股价崩盘风险产生积极影响?本文以2010-2023年中国沪深A股上市公司为研究对象，探究供应链金融对企业股价崩盘风险的影响。结果表明:供应链金融会降低股价崩盘风险。进行稳健性检验之后，上述结论依然成立。从作用路径来看，供应链金融能够通过信息治理和财务优化两大机制降低股价崩盘风险。进一步来看，智慧供应链建设能够增强供应链金融对股价崩盘风险的抑制效果。研究结论为抑制中国上市企业股价崩盘风险以维护金融市场稳定提供了路径参考，对相关政策制定具有借鉴意义。

Against the backdrop of increasing concern over the stability of financial markets,how to effectively prevent and mitigate the risk of stock price crashes has become an important issue faced jointly by academia and regulatory authorities. The risk of stock price crashes not only harms investors' interests but may also trigger a financial market crisis. Therefore,exploring the influencing factors and mitigation paths of stock price crash risk is of significant practical importance. As an important innovative model serving the real economy,supply chain finance can potentially have a positive impact on stock price crash risk? This paper takes Chinese A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2010 to 2023 as the research object,investigating the impact of supply chain finance on corporate stock price crash risk. The results indicate that supply chain finance reduces the risk of stock price crashes. After conducting robustness tests,the above conclusion still holds. In terms of the mechanism,supply chain finance can reduce stock price crash risk through two main channels: information governance and financial optimization. Furthermore,the construction of smart supply chains can enhance the suppressive effect of supply chain finance on stock price crash risk. The findings provide a reference path for curbing stock price crash risk in Chinese listed companies to maintain financial market stability and offer implications for relevant policy-making.